Budgeting over the Christmas Period

The most wonderful time of the year can easily turn into the most expensive time of the year. Watching the pennies doesn’t mean that the Christmas festivities have to stop, following a few budgeting tips can mean you still have a special Christmas and don’t go into the new year in debt.  

1. Stop when you've bought all the presents you'd planned to buy
   It's important to know when to stop when purchasing gifts. It’s easily done – seeing something you think someone would like, or picking something else up to add to their present. However, you could just go on and on so try to set an amount and stick to it.
   
   
   
2. Secret Santa
   Many families and friends already do Secret Santa to cut down the cost of buying for every single person. It can be a fun and cheap way to relieve the financial worry that comes with Christmas. Buying and receiving one special gift will mean no-one is out of pocket and they've received something they love. There are apps available that can do the choosing for you, as well as options to add wishlists. 
   
   
   
3. Cut down on your usual spending
   

   There is probably some of your usual spending you could cut back on. This could be stopping the coffee shop stop, cancelling any magazine subscriptions, or gym memberships you aren’t taking advantage of. You may be surprised to see how much you're able to save.
   
   

4. Free Christmas TV
   Many streaming platforms offer free one or more-month trials. Take a look online and sign up in December so that you and your family can enjoy festive family films. Just remember to cancel before the free trial ends!
   
   
   
5. Loyalty Cards
   Several stores have loyalty cards that run special offers, discounted products, and even vouchers for money off. Consider cashing them in and taking advantage of these to help cover the cost of Christmas. 
   
   
   
6. Get creative
   

   Consider making something special for a loved one. This could be baking some sweet treats or making some cheese twists packaged nicely. If cooking and baking isn’t your area, you could make some candles, jewellery or hot chocolate cones!
   
   

7. Give a memory
   

   Printing a photo is relatively low-cost – by purchasing an inexpensive photo frame you can make a thoughtful, personalised gift for someone special.  
   
   

8. Prevent waste
   

   We’re all guilty of buying far too much food at Christmastime. If you haven’t managed to get through all of it, make sure to plan ahead and freeze any leftovers or use up anything you can – you can’t beat a good bubble and squeak on Boxing Day!

All the team at Mortgage Required want to wish you a very Merry Christmas and a Happy New Year!